India-based logistics technology startup FarEye, announced yesterday that it plans to grow its presence in the United States by opening a Chicago office and building out its team of local experts to serve the U.S. market. For starters, the company appointed Larry Klimczyk as president of the Americas region. The company’s CTO, Gaurav Srivastava, will also be relocating to Chicago.
Best known for its end-to-end platform for e-commerce logistics, FarEye provides users access to an easy-to-use proprietary programming language that enables customization of logistics and supply chain processes. The platform can interface with existing software and hardware or be built out as a stand-alone system. Last-mile applications include order dispatching, capacity optimization, load balancing, route optimization and real-time tracking, among others.
FarEye says it has worked with customers in the U.S. for more than three years. A local presence, however, will help us serve them locally as well,” says Srivastava. With customers like DHL, Walmart and Zara, FarEye already facilitates 65 million transactions each day across more than 20 countries.
The company completed a Series C funding round in February 2018, which raised US$9.8 million. Total funding to date stands at $U.S. 13.3 million, according to Crunchbase. FarEye says it has tripled its revenues each year for the past three years and is targeting 325%, year-over-year, revenue growth in fiscal 2019, but did not release figures for fiscal 2018.1 - Reader Likes This Post